Rochester, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Rochester Neighborhoods Since 2000




Rochester, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Rochester Housing Market Information

With 12,993 people, 5,544 houses or apartments, and a median cost of homes of $355,262, Rochester house prices are not only among the most expensive in Michigan, Rochester real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Rochester, accounting for 54.40% of the city's housing units. Other types of housing that are prevalent in Rochester include large apartment complexes or high rise apartments ( 29.25%), row houses and other attached homes ( 9.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.64%).

The most prevalent building size and type in Rochester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.42% owning and 36.58% renting.

There is a lot of housing in Rochester built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Rochester built between 1940-1969 ( 21.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.72%). There's also some housing in Rochester built before 1939 ( 10.21%).

Rochester Home Appreciation Rates

Appreciation rates for homes in Rochester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.12%, which ranks in the top 30% nationwide. This equates to an annual average Rochester house appreciation rate of 1.15%.

Appreciation rates are so strong in Rochester that despite a nationwide downturn in the housing market, Rochester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rochester appreciation rates continue to be some of the highest in America, at 6.07%, which is higher than appreciation rates in 74.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rochester. Rochester appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Rochester one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Rochester's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rochester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rochester - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rochester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$355,262

Rochester, MI HOME PRICES

Value Range
> $1,285,000 0.1
$964,001 - $1,285,000 1.8
$643,001 - $964,000 8.5
$514,001 - $643,000 15.8
$385,001 - $514,000 21.5
$257,001 - $385,000 20.2
$128,001 - $257,000 19.4
$64,001 - $128,000 8.8
$0 - $64,000 3.8

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
11.7953826321341 2.56410256410256

Number Of Homes And Apartments:
5,544

Rochester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
18.39% 0.98% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,383 / per month

Homeownership Rate

Homeownership
Owners 63.42
Renters 36.58
Vacant 6.60

Housing Market Details

 

Age of Homes

AGE OF Rochester HOMES
2000 or Newer 20.7
1970 - 1999 47.5
1940 - 1969 21.6
1939 or Older 10.2

Types of Homes

TYPE OF Rochester HOMES
Single-Family 54.4
Townhomes 9.7
Small Apt. Buildings 6.6
Apt. Complexes 29.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Rochester HOMES
No Bedroom 2.36
1 Bedroom 13.86
2 Bedrooms 31.01
3 Bedrooms 21.14
4 Bedrooms 26.33
5 or more bedrooms 5.29